Page 69 - Introduction to Investment Laws in Thailand

section of 540 and 541 require all immovable property, including land, to
be registered to the authority in case there is any change of land
ownership. Thus, foreigners have to make sure that they register under the
approvals of an officer from the department of land, Ministry of the
80
Interior.
Regarding the land laws for foreign investments, there is another
aspect of law: the Foreign Business Act, B.E. 2542 (1999). The law defines
and governs the foreign investments and businesses in Thailand. The law
defines the foreign businesses in section 4 as;

"(1) a natural person who is not of Thai nationality;

(2) a juristic person not registered in Thailand;
(3) a juristic person registered in Thailand, being of the following

descriptions:

a) being a juristic person at least one half of capital
shares of which are held by persons under (1) or (2) or a juristic
person in which investment has been placed by the persons under
(1) or (2) in the amount at least equivalent to one half of the total
capital thereof;
b) being a limited partnership or a registered ordinary
partnership the managing partner or the manager of which the
person is under (1);

(4) a juristic person registered in Thailand at least one half of the
capital shares of which are held by persons under (1), (2) or (3) or a juristic
person in which investment has been placed by the persons under (1), (2)
or (3) in the amount at least equivalent to one half of the total capital
thereof;"
Thus, foreign investments are generally subjected to the definition
under section 4 of the Foreign Business Act, B.E. 2542 (1999). In this case,

80 Land Code Promulgating Act, B.E. 2497 (1954), section 71

57